Scottsdale Air Condos I

What Scottsdale Air Condos I's governing documents say

Scottsdale Air Condos I is a commercial condominium community in Scottsdale, AZ — you own your unit (office/warehouse/airplane hanger) and share the building's common elements, including airplane fuel pumps and storage tanks, with three other unit owners. The association manages common expenses, insurance, and maintenance, and enforces rules on alterations, fuel use, and insurance.

• What you own & maintain: You own the interior space of your unit, excluding structural components, roof, and systems serving others. You maintain your unit's interior, including exclusive HVAC, plumbing, and electrical systems. The association maintains all common elements — roof, foundations, load-bearing walls, parking, landscaping, fuel pumps, and tanks — with costs shared via common expenses.
• Fuel pumps & storage tanks: The common elements include two fuel pumps and tanks for airplane fuel: Pump A (12,000 gal, Jet A) and Pump B (6,000 gal, 100LL). Each owner has a non-exclusive right to store up to 2,400 gallons in Pump A and 1,200 gallons in Pump B. Fuel must be purchased and stored at your own expense; extracted fuel must be accounted for and any overuse must be replenished.
• Assessments & common expenses: Common expenses are allocated based on each unit's Allocated Interest (Unit A: 23%, B: 25%, C: 20%, D: 32%). Assessments are set by the board and paid at least quarterly. Special assessments for capital improvements require a majority vote. Unpaid assessments bear 12% interest and become a lien on the unit, subordinate to first mortgages.
• Insurance: The association must maintain casualty insurance (80% of actual cash value), general liability ($5M per occurrence), workers' compensation, and fidelity bonds (150% of annual budget). Insurance proceeds are applied to restoration unless 75% of owners vote not to rebuild. Owners may obtain separate insurance for personal property and liability.
• Alterations & improvements: No alterations to common elements, exterior, or roof of your unit without prior written board approval. Nonstructural interior changes are allowed without approval, but you are responsible for any damage. Structural alterations to common elements require majority owner approval and are funded by special assessment.
• Destruction, condemnation & restoration: Partial damage or condemnation must be restored by the association. Substantial destruction/condemnation (costs exceed 50% of restored value) may be abandoned if 75% of owners and first mortgagees consent; then the property is sold and proceeds distributed by Allocated Interest. Special assessments for restoration are not a personal obligation for owners who voted against rebuilding.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.